Highway Logistics Center LLC case has been settled.
On August 14, 2024, there was an information published on measures taken against Orient Group Management and the Uzbek-Oman Investment Company (UzOman) due to deficiencies in the interaction with the antimonopoly authority during the restructuring of the shareholding in the Highway Logistics Center LLC. The case has now been settled.
In this case, the government agency acted in accordance with the Law “On Competition”, which provides for obtaining the preliminary consent of the antimonopoly authority in cases where the book value of assets or revenue from the sale of goods for the last calendar year of one of the parties to a merger transaction or obtaining up to 1/3 of a share in LLC exceeds 250 thousand times the base calculated value (85 billion Uzbek sums), or the total book value of their assets or revenue from the sale of goods for a calendar year exceeds 500 thousand times the size of the base calculated value (170 billion Uzbek sums).
According to the statement of Davron Ozgurer - the acting CEO of Orient Group Management- the issue has now been resolved. "In cooperation with the Competition Development Committee, we have reached an understanding on the key parameters of our deal with UzOman. Having taken the measures requested by the state body and settled the legal aspects, we have started to implement ambitious plans for the further development of Highway Logistics Center. And although this is a truly large-scale and, in many ways, unique project, which is aimed at attracting foreign investment and international brands, the enterprise cannot in any way be classified as a monopoly, which is also agreed upon by representatives of the antimonopoly authority.”
It is noted that the Highway Logistics Center is a modern logistics hub with Class A warehouses and a dry port for trucks conveniently located near the border with Kazakhstan. The shareholders believe that the logistics is one of the national priorities, guided by the words of the President of the Republic of Uzbekistan Shavkat Mirziyoyev: "This industry is vital for the economy. If we do not take transport and logistics to a new level, we will not be able to ensure stable economic development."
The shareholders of the Highway Logistics Center emphasized that ongoing changes in antimonopoly regulation contribute to the further strengthening of the public administration structure, making it more attractive to foreign investors.
On August 14, 2024, there was an information published on measures taken against Orient Group Management and the Uzbek-Oman Investment Company (UzOman) due to deficiencies in the interaction with the antimonopoly authority during the restructuring of the shareholding in the Highway Logistics Center LLC. The case has now been settled.
In this case, the government agency acted in accordance with the Law “On Competition”, which provides for obtaining the preliminary consent of the antimonopoly authority in cases where the book value of assets or revenue from the sale of goods for the last calendar year of one of the parties to a merger transaction or obtaining up to 1/3 of a share in LLC exceeds 250 thousand times the base calculated value (85 billion Uzbek sums), or the total book value of their assets or revenue from the sale of goods for a calendar year exceeds 500 thousand times the size of the base calculated value (170 billion Uzbek sums).
According to the statement of Davron Ozgurer - the acting CEO of Orient Group Management- the issue has now been resolved. "In cooperation with the Competition Development Committee, we have reached an understanding on the key parameters of our deal with UzOman. Having taken the measures requested by the state body and settled the legal aspects, we have started to implement ambitious plans for the further development of Highway Logistics Center. And although this is a truly large-scale and, in many ways, unique project, which is aimed at attracting foreign investment and international brands, the enterprise cannot in any way be classified as a monopoly, which is also agreed upon by representatives of the antimonopoly authority.”
It is noted that the Highway Logistics Center is a modern logistics hub with Class A warehouses and a dry port for trucks conveniently located near the border with Kazakhstan. The shareholders believe that the logistics is one of the national priorities, guided by the words of the President of the Republic of Uzbekistan Shavkat Mirziyoyev: "This industry is vital for the economy. If we do not take transport and logistics to a new level, we will not be able to ensure stable economic development."
The shareholders of the Highway Logistics Center emphasized that ongoing changes in antimonopoly regulation contribute to the further strengthening of the public administration structure, making it more attractive to foreign investors.